Income Tax Department detects Rs 36cr TDS default by Realty Firm
The Income Tax Department has detected alleged tax evasion of over Rs 36 crore, by way of TDS default, after it surveyed a real estate group based in the national capital region. While the group was not identified, officials said the business house develops and maintains high-end malls, residential and commercial realty projects in Delhi, Gurgaon and Noida. They said the department has...
The Income Tax Department has detected alleged tax evasion of over Rs 36 crore, by way of TDS default, after it surveyed a real estate group based in the national capital region.
While the group was not identified, officials said the business house develops and maintains high-end malls, residential and commercial realty projects in Delhi, Gurgaon and Noida.
They said the department has detected a Tax Deducted at Source (TDS) default of more than Rs 36 crore by the accused firm and it will file a criminal prosecution against it under the income tax law before a court here. The action was undertaken by the TDS wing of the department.
As per TDS and I-T provisions, a person or a company has to deduct tax for several payments ranging from salaries to rent and payments to contractors above a specified limit.
